plonkee money an english-er's thoughts on personal finance

February 13, 2008

loan sharks are illegal – unsurprisingly

Filed under: banking and economics — Tags: , , , — plonkee @ 12:00 pm

shark graffittiThis morning, I was running late (for a time management course), so I took the bus in to work. Naturally, I wasn’t awake enough when I got on the bus to pay attention to much, but as I was getting off I noticed an advert from the council about loan sharks. The ad basically said that loan sharks are illegal, and gave some advice numbers and a place to call or text to shop one in.

In case you’re not familiar with the concept, a loan shark is someone who will lend you money, unregulated and therefore illegally, and which you then pay back in weekly instalments. The interest rate is literally extortionate, and the results of non-payment is traditionally threats of, and actual, violence.

You know, I’ve never really considered that loan sharks actually exist in this day and age. I’ve seen them in tv dramas and so on, but (presumably) because I’ve lived a reasonably sheltered lower middle class existence all my life, I haven’t interacted with this end of personal finance. I wonder what else I’m missing out on, and I hope I don’t need to find out.

Image by alq666 

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